SEOUL, March 1 (Korea Bizwire) — With the value of losses caused by voice phishing estimated at about 1.7 trillion won (US$1.28 billion) over the past five years, South Korean banks are exploring various measures to limit future losses from similar criminal activity. Shinhan Bank introduced an alarm system in March last year that uses [...]
SEOUL, Feb. 14 (Korea Bizwire) — About 2,200 employees of South Korea’s major commercial banks have left on voluntary retirement since late last year in return for receiving huge severance pay. According to industry sources, KB Kookmin Bank, Shinhan Bank and Woori Bank reflected their voluntary retirement expenses in their fourth-quarter results. These banks provided [...]
SEOUL, Feb. 8 (Korea Bizwire) — South Korean internet-only kakaobank said Wednesday that its net profit hit an all-time high last year thanks to increased interest income. Its net profit came to 263.1 billion won (US$208.5 million) in 2022, up 28.9 percent from the previous year, the lender said in a regulatory filing. Its revenue [...]
SEOUL, Jan. 30 (Korea Bizwire) — Banks in South Korea returned to their pre-pandemic operation hours for the first time in about 1 1/2 years Monday in line with the government’s eased virus curbs despite their labor unions’ protest. First-tier banks, including KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup, along with other financial institutions, [...]
SEOUL, Jan. 26 (Korea Bizwire) — A financial regulator chief on Thursday warned of stern action against labor unions opposing banks’ plan to “normalize” their pandemic-caused shortened operation hours as the government is set to lift the indoor mask mandate later this month. “As far as I know, employers have determined the stance (of normalizing [...]
SEOUL, Jan. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea hit an all-time high in December, as corporate dollar savings increased, central bank data showed Wednesday. Residents’ outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from [...]
SEOUL, Jan. 12 (Korea Bizwire) — Household loans extended by banks in South Korea declined for the first time in 18 years last year, due mainly to higher borrowing costs, the central bank’s data showed Thursday. Banks’ outstanding household loans decreased by 2.6 trillion won (US$2.09 billion) to 1,058.1 trillion won, according to the data [...]
SEOUL, Dec. 31 (Korea Bizwire) — Banks’ rates charged on new household loans in November hit the highest level in over a decade, affected by the central bank’s aggressive rate increases to tame inflation, data showed Friday. Banks’ household lending rate applied to new loans last month stood at 5.57 percent per annum on average, [...]
SEOUL, Dec. 18 (Korea Bizwire) — Five major South Korean banks have offered a voluntary retirement program to their 2,400 employees this year despite record profits amid higher interest rates, industry sources said Sunday. The voluntary retirement plans at the five lenders — KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup – are accelerating as [...]
SEOUL, Dec. 8 (Korea Bizwire) — To bring higher satisfaction to customers and to protect the environment, South Korea’s banking industry is changing how new year calendars for customers are distributed. Woori Bank, for example, made its 2023 calendar using eco-friendly paper certified by the Forest Stewardship Council. To ensure easy recycling, the triangular stand [...]